Mr. John Williamson reports

BENCHMARK MOBILIZES CREWS IN PREPARATION FOR RESOURCE EXPANSION DRILLING AND WORK PROGRAM

Benchmark Metals Inc. has noted that work crews are mobilizing to commence 20,000 metres of focused drilling intended to delineate Cliff Creek and Duke's Ridge deep high-grade gold and silver zones. The drill program will further evaluate and enhance its underground mining potential. Benchmark's flagship Lawyers gold-silver project is located within a road-accessible region of the prolific Golden Horseshoe area of north-central British Columbia, Canada.

John Williamson, chief executive officer and director, commented: "Benchmark will have three drill rigs turning at the Lawyers project this year and anticipates results from late July to December. The aggressive 2023 drill program will be focused on higher-grade gold and silver mineralization located beneath the current PEA [prefeasibility economic assessment] pit shells. Trade-off studies have revealed substantial potential for underground mining in conjunction with surface operations to enhance overall economics, increase total ounces and improve the production profile, particularly during the initial years of the operation. The new data will allow for an update of the project's mineral resources and economic study in early 2024. The company continues to work towards a merger with Thesis Gold Inc., which has the potential to create a new, world-class precious metal district."

Two thousand twenty-three program highlights:

• Up to 20,000 metres of drilling with a focus on ounces beneath the currently modelled pits;
• Ground magnetics/VLF (very low frequency);
• Follow-up rock sampling and geological mapping in areas of interest;
• Advancement of tertiary targets for new discovery potential; and
• Baseline environmental data collection.

Benchmark drilling to date has focused the majority of drilling to delineate three open-pit-constrained deposits with a global mineral resource estimate (MRE) of 3.14 million ounces (Moz) at 1.45 grams per tonne (g/t) gold equivalent (AuEq) (1.16 g/t Au (gold) and 22.9 g/t Ag (silver)) indicated and 415,000 ounces (oz) at 2.63 g/t AuEq (2.2 g/t Au and 36.1 g/t Ag) inferred (June 11, 2022). Benchmark is now planning additional drilling to further expand the mineralization at depth. The Cliff Creek deposit has limited drilling outside and below the pit shells, and has already outlined an MRE of 141,000 oz at 3.8 g/t AuEq (3.49 g/t Au and 55.55 g/t Ag) measured and indicated, and 315,000 oz at 4.26 g/t AuEq (3.88 g/t Au and 65.46 g/t Ag) inferred.

The 2023 drilling will include a combination of infill and step-down drilling for resource expansion. In addition, a machine learning, artificial intelligence (AI) model has predictively outlined grades and further characterized the resource to depth. The high-grade mineralized zones are controlled by major structures, which the drilling will continue to target at depth and along strike. The structural models developed by Benchmark show good agreement with the AI and geochemistry models, and show the potential for expansion of the high-grade mineralized zones both at depth and along strike.

The Cliff Creek deposit extends across a 1.6-kilometre strike-length. Mineralization plunges to depth with high-grade zones that remain open more than 550 metres vertical depth at Cliff Creek North and more than 450 metres vertical depth at Cliff Creek South, highlighting the potential for underground mining scenarios. Drilling is planned to define the extent of these high-grade mineralized zones, both along strike and at depth, which are currently unconstrained in several directions. Several planned 700-metre drill holes have potential to significantly expand mineralization to depth or along strike.

The deepest holes drilled at Dukes Ridge to date have extended mineralization, which remains open, to nearly 300 metres vertical depth. Deeper drilling at Duke's Ridge has potential to extend mineralization to near 500 metres vertical depth.

Note: AuEq was calculated using an 80:1 silver to gold ratio. Intervals given for drill holes are core length. True width is estimated between 75 per cent and 95 per cent of core length.

Benchmark and Thesis merger

The merger of Benchmark and Thesis (June 5, 2023) will create a district-scale development and exploration project with significant growth potential. New milestones and timelines have been developed to unlock substantial value and solidify the potential of these two projects into one world-class project. The combined company will be well capitalized to execute on a catalyst-rich exploration and development program over the next 12 to 15 months. Work plans include 50,000 metres of drilling between both projects, focusing on resource growth as well as exploration and discovery. In 2024, the combined projects will deliver:

• Updated mineral resource estimate (MRE) for the Lawyers project;
• Initial MRE for the Ranch project, which will likely focus on previously identified, high-grade, near-surface mineralization;
• Updated preliminary economic assessment, anticipated to incorporate an evaluation of the underground mining potential of the high-grade Cliff Creek deep zone at Lawyers, as well as an initial MRE for the Ranch project, that is anticipated to yield:
  • Increased annual production (resulting mainly from the combination of the two projects);
  • Higher-grade starter pits;
  • Improved capital payback;
  • Materially improved net present value (NPV);
  • Improved internal rate of return (IRR); and
  • Extended mine life.

Quality assurance and control

The technical content of this news release has been reviewed and approved by Michael Dufresne, MSc, PGeol, PGeo, a qualified person as defined by National Instrument 43-101.

About Benchmark Metals Inc.

Benchmark Metals is a Canadian-based gold and silver company advancing its 100-per-cent-owned Lawyer's gold-silver project located in the prolific Golden Horseshoe of Northern British Columbia, Canada. The project consists of three mineralized deposits that remain open for expansion, in addition to 20-plus new target areas along the 20-kilometre trend. Benchmark is managed by proven resource sector professionals, who have a record of advancing exploration projects from grassroots scenarios through to production.

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